Is Bankruptcy In Sarasota Right for You?
October 15, 2015
If you have been struggling to pay your bills and have creditors constantly calling about your next payment, the thought of filing bankruptcy may have crossed your mind. But, if you’re like most people, you only have a vague idea about what it means to file for bankruptcy in Sarasota, and you may be worried about the stigma that comes with “going bankrupt.”
The first thing to understand is this: There is nothing “wrong” about filing for bankruptcy. Bankruptcy laws exist in order to allow you to file. If you weren’t supposed to file for bankruptcy, there wouldn’t be laws in place that tell you when and how to do it.
Second, unless you broadcast it on social media, very few people will know that you filed for bankruptcy. Yes, it will show up on your credit record (and this is one of the most important considerations we discuss with our clients), but as far as “stigma” with your friends and neighbors, this generally isn’t a concern.
Is it Time to File for Bankruptcy in Sarasota?
When deciding if bankruptcy is right for you, there are several important factors you will need to consider. At Jodat Law Group, we counsel clients on their options for both filing and avoiding bankruptcy in Sarasota, and when you contact us, we will sit down to explore your personal situation. The following list provides some of the general considerations for filing for bankruptcy, but should not be considered legal advice.
- Explore Your Alternatives. While bankruptcy might be your best option, before getting started on the paperwork, it is important to at least explore the alternatives that are available. With financial planning and other tools, you may be able to get out of debt without filing for bankruptcy.
- Understand Your Bankruptcy in Sarasota Options. For individuals, there are two primary options when filing for bankruptcy: Chapter 7 and Chapter 13. If you file for Chapter 7, many of your debts can be erased completely, though you may be required to give up some of your personal property. Filing under Chapter 13 involves structuring a payment plan that will many times allow you to keep your property and remain in your home. Each option has its limitations and benefits, and part of deciding if bankruptcy is right for you will involve determining which option makes the most sense for your situation.
- Learn Which Debts You Can and Can’t Erase. Even in bankruptcy, there are certain debts that can’t be erased. These include things like child support, alimony, and back taxes. Before filing for bankruptcy, it is important to get the full picture of how your financial situation will look once the process is complete.
- Be Prepared to Go Through the Process. Bankruptcy is a process – both in terms of filing for bankruptcy and managing your finances once the bankruptcy proceedings are complete. While it should not be the deciding factor behind whether you file for bankruptcy, understanding the time commitment and day-to-day practical consequences is important to making the process as smooth as possible.
Are You Considering Bankruptcy in Sarasota? Contact Jodat Law Group Today
Jodat Law Group has been helping Florida residents evaluate their options and file for bankruptcy for more than 20 years. For more information about the process or to find out if filing for bankruptcy in Sarasota is right for you, request a free consultation online today with our Sarasota Bankruptcy Lawyer.
